Field Notice 2022-19
Lead services may be as simple as purchasing a list of leads. However, some may be more elaborate. For example, there are vendors that charge RRs a fee in exchange for being provided a potential customer’s name and contact information. Some vendors will even set up appointments for potential customers. The purpose of this field notice is to provide reminders and guidance around leads and lead generation services.
Lead Lists
RRs may purchase lists of leads for prospecting from firm-approved lead vendors. No prior approval is required to obtain these lists. However, the lists received must be scrubbed against the national and the Firm do-not-contact lists before use. Please refer to the Telemarketing and Email Solicitation Guidelines on the Agent Portal under Training à Compliance à Telemarketing and Email Marketing for more information on scrubbing the lists and using the lists for email marketing.
Lead Generation Services
Before considering a lead generating service, determine first if it has been approved by the Advertising Guidance Team (“AGT”). In order to use a lead service that may set up appointments, provide a biography on behalf of the RR, find the leads through advertising created by the third party, or is in any way interacting with prospects that may become clients, the lead service must be approved by the AGT prior to being used.
Additionally, if you are an investment adviser representative, these services fall under the definition of a “promoter” under the new SEC Marketing Rule, which goes into effect in November 2022. As such, any agreement with a lead generation service is subject to prior review by ESI Compliance to ensure compliance with the various disclosure provisions of the Rule.
Approved
The following lead services have been approved for use. Please keep in mind that even if the lead service is approved, if you are providing any type of advertising or biographical information to the lead service for use with the public, including clients or prospects, this material requires prior approval from the AGT before engaging with the lead service or using/posting the advertising or biological information.
- AgentInsider
- Dave Ramsey Endorsed Local Provider Network (marketing materials require prior review and approval by the AGT)
- Discovery Data (recruiting)
- Financial Planning Association PlannerSearch
- SmartAsset/SmartAdvisor Match – (must be an IAR and biographical information requires prior review and approval by the AGT)
- White Glove (seminar leads)
Unapproved
The following have been reviewed by the AGT and are not approved and will not be approved for use.
- Lead Generating Systems, LLC – may also be known as Unlimited Fulfillment Services, Inc., Smart Leads, UFS Marketing Services, Annuity Leads and Annuity Leads Today
- Leadstoclose
- Netquotes
Additional Information
If you are interested in using a lead generation system, you are encouraged to select one that is currently approved. To have a different lead service approved for use, you will need to obtain approval from your BOS and RDO and it will need to be sent to the AGT for consideration prior to use. Please note that such reviews may take some time because:
- The Firm must conduct thorough due diligence on the proposed service, which may include contacting the vendor for a demonstration, fully understanding how it is being used, and determining if there could be any advertising or biographical information for the RR for use with the public.
- To be approved for use for IARs, the service must also be approved by EFA to ensure it meets the requirements of the SEC Marketing Rule, which includes specific disclosure delivery requirements regarding compensation and conflicts of interest.
Questions
If you have any questions, please contact your supervisor or ESI Compliance at 800-344-7437.
TC128373(0822)1